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Tiek rādīts Nr. 10 no 36 rezultāti

In May 2019, the European Parliament and the Council (the co-legislators) adopted the legislative proposals amending the Capital Requirements Directive and Regulation, which establish the prudential framework for financial institutions operating in the EU. The amendments implement the most recent regulatory standards for banks, set at international level ('Basel III framework'). They also address some regulatory shortcomings and aim to contribute to sustainable bank financing of the economy. The ...

On 8 January 2019, Banca Carige’s temporary administrators issued a press statement setting out some initiatives they have taken to secure the future of the bank. This briefing contains background information on the case of Banca Carige and links the initiatives taken to respective legal requirements stemming from the Bank Recovery and Resolution Directive (BRRD) and the rules for State Aid (SA).

This in-depth analysis, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the AFCO Committee, considers from a constitutional perspective the introduction of a fiscal capacity for the Eurozone. After explaining the constitutional asymmetry of Economic & Monetary Union, and surveying several recent proposals to establish a fiscal capacity, the in-depth analysis explains in comparative perspective how other federal unions by ...

This briefing looks at the key differences between the US and the Banking Union resolution and liquidation framework (Section 1) including differences in terms of funding arrangements (Section 2). In view of recent liquidation and resolution experiences, the briefing further assesses what an EU insolvency regime would bring to the Banking Union both in terms of small and medium-size banks’ resolution (Section 3) and in terms of strengthening the existing BRRD resolution framework (Section 4). The ...

The European Commission has proposed to establish a European Investment Stabilisation Function. The accompanying IA focusses on the expected positive effects of the proposal, rather than providing a balanced assessment of different policy options and all their relevant impacts. The mostly qualitative analysis is complemented by some quantifications that are, to the Commission’s own admission, based on uncertain assumptions. The caveats, methods and models of the IA could have been better explained ...

The idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree ...

The paper discusses the problem of valuation in bank resolution. In an overview over the most relevant principles of valuation theory, the paper notes the difficulties inherent in valuing risks and illiquidity in holding non-traded assets. Subsequently, the paper briefly reviews the resolution of Banco Popular Español, and then discusses the need for clarification of the no-investor-worse-off principle, the relation between the price in a sale of business and the presumed outcome in an insolvency ...

This study discusses the challenges concerning bank valuation reports in resolution. The resolution mechanism has three types of valuation reports, respectively to determine whether a bank is failing or likely to fail (valuation 1), to inform the use of the resolution tools including bail-in (valuation 2), and to ensure that the no creditor worse off condition is respected (valuation 3). The first experience with the preparation of valuation reports shows that even with the more formal procedures ...

Greece’s financial assistance programme - June 2018

Padziļināta analīze 22-06-2018

This briefing provides an overview of the economic situation in Greece and the main developments under the third financial assistance programme. This version updates the briefing published on 3 October 2017.

This paper discusses from a legal perspective the challenges and difficulties involved in the production of the valuation reports required by the BRRD and considers the option of a moratorium tool for use by the resolution authorities as a possible way forward, which could address the concerns about timing and flexibility in the valuation process. Given the discretionary powers of the resolution authorities and the need for SRB independence, the paper also considers the wider issues of legitimacy ...